Non-bank financial institutions must do quarterly reports - BoG insists

Patience Yeboah-Nkansah, the Deputy Head of the Other Financial Institution Provision Department and an Assistant Director at the Bank of Ghana, is advising all non-bank financial institutions to adhere to the rules of providing their quarterly reports on their operations to the Bank of Ghana (BoG).

According to her, the feedback that will be provided by the non-bank financial institutions will enable the Central Bank to report to the board, its development partners and the Ministry of Finance (MoH).

She explained that the submission of the quarterly report will help the Central Bank to come out with policies to better serve the interest of the customers and the operators of the non-bank financial institutions.

She said non-bank financial institutions are not banks so they must operate in their remit and not set out to operate as banks.

She appealed to operators to abide by the laws governing their operations because the BoG would deal with them if they fall foul of the law.

She appealed to the non-banks, for that matter, microfinance operators to do responsible lending.

Madam Yeboah Nkansah issued this warning speaking in an interview at the Microfinance Forum organised by Ghana Microfinance Institutions Network (GHAMFIN) on the theme: 'Building Resilient and Sustainable Non-Bank Financial Institution’s Sector in the Wake of Current Economic Challenges'.

On his part, Mr Yaw Gyamfi, the Executive Director of GHAMFIN, said the submission of returns has been a challenge to operators.

According to him, some operators have low capital so they shy away from submitting quarterly returns.

He warned that having low capital and failing to submit returns and paying a penalty of GHS12,000 is like using your capital to pay the penalty.

It is on this score, he urged members to adhere to the submission of the returns to avoid infractions.